Publick CREDIT, Under Consideration, how to be RETREIV'D.
THE Loss of a Publick Credit is certainly one of the greatest Misfortunes that can befall a Trading Nation, which, to our great Ʋnhappiness, seems to bare too near a resemblance of our very Case; and such have been the Improvements made thereupon by the Enemies of the Government, and some Self-Interested Persons, in Order to render themselves Extraordinary Gain, that it must be own'd has chiefly Occasioned the great Difficulties we have hitherto met withal, and what we now actually Labour under.
BƲT considering, that Merchants, and Traders, in General, from abroad seem to be more and more Reconcil'd to our Publick Faith, from the Observations they have made of the Resolutions and Proceedings of our late Session of Parliament; and are now become fully perswaded, that they are earnestly concern'd to Defend and Support the same.
IT's Highly our Interest Ʋnanimously to Joyn with them, in our Inclinations and Endeavours towards the promoting such a Disposition amongst our selves, and carrying on so good an Opinion of our Credit to Perfection: By which means we shall Break the Designs of our Enemies, and perfectly Extirpate those Exorbitant Practices, which have hitherto tended only to the Fomenting, and Keeping up Strange Jealousies of our Credit, to the great Interruption in Trade.
WHich if not Effectually Remedied, (and at this present Juncture) the Consequence must prove Fatal and Destructive to this Nation, as being a People that Depend so much upon Credit; and there needs no other Argument to prove, how Desperate and Miserable our Circumstances are like to be, for time to come, than to reflect, and look back, and judge by Experience how unhappy we have been for some time past, for want of a due care in preserving the Credit of the Nation; which ought alwayes to be deemed as Sacred.
NOW that we may be Restored to our former Character, in Relation to a General Credit, which most certainly would render us the Happiest of People.
IT is considered, and humbly conceived, That a National Credit, when once lost, is never to be Retreived, but by one of these two wayes, viz.
THE First, By procuring such a quantity of Specie, as should be sufficient to Discharge the Debts of a Nation; (which for us to do at present) is Morally imposible.
THE Second, by laying before the people such Natural Inducements, as shall Engage them, both by Reason and Interest, (as one Man) to the supporting Publick Credit; which is the Honour and Glory of a Kingdom.
BY this only can our Credit be Recovered, being of so Tender a Nature, that nothing but what's Indulging, perswasive, and Convincing, can ever take place to have a good effect.
IN Order to Reduce so good a Design into Practice, It's Proposed from the Considerations afore-mentioned, that this City of London, the great Metropolis, the very Center of Trade, and so consequently the Spring and Fountain of Credit, do forthwith Enter into an Association or General Agreement, to Support and Defend the Credit of the Nation against all it's Opposers.
THE Nature of this Association makes it absolutely necessary, First to declare an Abhorrence, & Detestation against the evil Practises that have been made upon our Credit; Then to demonstrate what a good Opinion the People have of the Publick Faith, by a Voluntary and Ʋnanimous Subscription to the following Preliminaries, viz.
THAT in all Payments in matter of Trade and Commerce (Bills of Exchange excepted) they will readily Receive for Payment, the one Moity in Specie, the other in Bank Bills and Notes at Parr, provided the Debt be over and above the Summ of Twenty Pounds.
BUT all Debts of that Summ, and under, to be paid (if desired) in Specie, to preserve a Circulation, to answer all Inferior Trades; and to Accomodate Families in Respect of Provisions, &c.
BY these Means, the Credit and Specie of the Nation will go hand in hand towards the Supporting and enlarging each other; the Discount of Notes (in all probability) soon put to an end, and publick Credit Naturally follow.
BANK Notes falling under a Discount, was the Real Occasion of bringing a Disparagement upon all Publick Credit: But when once the Cause is removed, the effect will cease.
THis Association, or General Agreement, can hardly fail of it's Intention, upon making good these three Propositions.
FIrst, In making it appear to be greatly the Advantage of such as are concerned in the Government.
SEcond, By manifesting from Natural Consequences, that it will be likewise the Intrest of those Persons that are not ingaged in the Publick.
THird, In laying down a Plain and Easie Method in bringing such an Association, or Agreement, to become feazable.
As to the First Proposition.
First. IT's presumed, that Four parts in Five of Bank Bills and Notes, are in and about this City; therefore more natural for them to Associate, to give a Credit, by reason of the influence the City bears over the Kingdom, as well as abroad.
Second. ALL such persons that are possest of Bank Bills and Notes, most readily will comply herein, by reason of the Discount that's now upon those Notes, which will Immediately [after the Association] be at a Parr.
Third. THose that are Concerned in the Capital stock of the Bank of England, or any other Publick Funds (viz.) Tallys, Lotteries, Annuities, &c. most Infallibly will joyn in this undertaking, it Appearing so plain to be an Immediate advance on their respective Interest, proportionable to the Rise of Bank Notes.
Fourth. THE Exchequer Bills that are Issued out, pursuant to a late Act of Parliament, might reasonably have expected to have had a Currency till Oppertunity offer'd, to sink them in the Kings Publick Receipts; as Customes and Excise; but 'tis too plain, that the Practice of Discount is likewise upon them, &c. But when once (by this Association) Bank Bills and Notes shall arrive to such a Credit, Exchequer Bills will be so much in esteem, and become so much more Valuable than Money, for the sake of the High Interest they Carry: That the KING, instead of Receiving his Revenue in such Bills, will find the greater part in Specie, and every Man reserve the said Bills for his last Payment. Exchequer Bills may be included in this Association, if thought necessary.
As to the Second.
First. THose that have no manner of interest in Publick Funds, yet as Traders, cannot avoid receiving of Bank Notes in Payment; and the Difficulties that they have met with in respect thereof, has so much harrased and fatiegued them, by obstructing all their affairs, that even such would be glad to take up any Expedient, that might Tend to a Settlement of their Payments, and Incourage Trade.
Second. THE number of such Persons that are actually Engaged, and have Considerable Interests in the Publick Credit, cannot be thought less than Three parts in Four of the Valuable Men in the City; possibly Not a Man of good repute, and Considerable dealing, can be Exempted: This must go a great way, even in their very Numbers; besides the influence they have to carry through such an Association.
Third. NO Man (it may be averd) refuses Bank Notes, at this time, in Payment, from a real ill Opinion of their Credit, but on the Contrary; for it plainly appears, when such men press for Specie, and seem to undervalue the Credit of the Bank, that immediatly [Page 4]after they convert the very same Specie into the very same Credit, and nothing but the advantage of the Discount is the thing aim'd at.
Fourth. IF any Person not well disposed to the Government, or some others, that may be unwilling such an Association or Agreement should take Effect, for fear of Destroying those Pernicious Practices of Excessive Ʋsury, which they make, by joyning with such as are Industrious to debase, and run down the Credit of the Nation; yet when they shall find this Association, or Agreement become General, both sorts will be very shye how they Expose themselves in not complying, for fear of being accounted Enemies to the Publick good.
Fifth. BUT if some few should prove refractory, and stand out, they'l soon find it their Interest to come in; for most certainly those that do Associate, will Trade with no other, but what shall Associate with them; which in a short time must prove highly prejudicial, the Numbers of the one being so vastly disproportionable to the other. A List of the Names of the Persons that Subscribe, with the places of their abodes & their several and respective Trades Alphabetically may be Printed, if thought convenient.
The Third Proposition, to make this Association Easie and Natural.
THE Method of setting forward such an Association (with Submission) is by a Generous Ʋndertaking of each Member of the Common Council, and others that are intirely in the Intrest of the Nation, heartily to Espouse this Design, so much intended for a Publick Good; which receiving encouragement from them, will Naturally have its influence to a great Degree.
WHen once the People become truly Sensible of the Advantage that will arise hereby, and how far it must tend to the Honour and Greatness of this City, to Promote a free Circulation in our Trade; It's not to be question'd, but of themselves they will desire a Common Council to be called, & there to agree, to have Subscriptions taken in the several Wards, Pursuant to the Association that shall be Drawn for that Purpose. It is referred to the Common Council, to prepare an instrument to be subscribed to, pursuant to this Association. A certain time to be limited for taking the said Subscription; and every subscriber to have liberty to withdraw the same, unless it becomes general.
THese Graduall Methods being first taken, and laying a good Foundation for the Superstructure; It's not to be doubted, but upon Application, the Lord Mayor, and Court of Aldermen, will readily give their Sanction, and Assistance, toward Compleating so Great a Work; which must Center in a Happy Correspondence amongst our Selves, and give a Universal Satisfaction to all our Neighbouring Parts.
THE Exemplary Zeal taken from this City, throughout the Kingdom, by their late Association, gives a sufficient prospect of the Good Effect that may reasonably be expected from this intended Association. And it cannot be immagined when the Credit of the Nation (which is the life of the King as well as the Nation) shall lye at stake, that we should be so stupid, or unnatural, as not to Associate to Support and Defend the same.
In a Word, let our Laws be made never so paenal; let our Funds be made never so secure; nay, let all the Lands of England be tied for the making them good: Yet under the Circumstances we stand, if a Credit should be issued thereupon, it would fall under a discount; unless the Nation shows their Resolution not to be imposed upon.